D

LOAN SUMMARY | 700 Revolution St, Havre de Grace, MD 21078

BORROWER


Rate
Projected Term
Loan To ARV
Loan Amount
Investors
11.5%
9 months
65.6%
$209,900
0
Purpose
Loan Position
Total Loan Amount
Loan Status
Purchase & Renovation
First Lien
$209,900
Repaid on 11/12/2021
Started on
Funded on
Repaid on
Matures on
06/03/2021
08/04/2021
11/12/2021
02/24/2022

LOAN UPDATES

GROUNDFLOOR - 11/18/2021

GROUNDFLOOR is pleased to announce that this loan has repaid in full. Please refer to your dashboard for repayment details.

GROUNDFLOOR - 11/12/2021

The borrower has advised that porch renovations are complete.

GROUNDFLOOR - 10/5/2021

The borrower has advised the following renovations are complete:

  • Mechanical rough-ins are complete.
  • Porch work is complete.
  • Drywall installation is complete.
  • Interior painting is complete.
  • Cabinet installation is complete.
  • Door installation is complete.
  • Landscaping is complete.
GROUNDFLOOR - 9/1/2021

The borrower has advised the following renovations are complete or in progress:

  • Foundation work is complete.
  • Interior framing is complete.
  • Plumbing rough-in is complete.
  • Porch demolition is complete.
  • Porch framing is in progress.
  • Electrical and HVAC work is scheduled.


GROUNDFLOOR - 8/10/2021

The borrower has advised the following renovations are complete or in progress:

  • Window installation is complete.
  • Porch renovations are in progress.
  • Footer inspection is scheduled.
  • Plumbing and electrical rough-in installations are scheduled.
GROUNDFLOOR - 7/16/2021

The borrower has advised that framing is complete, and electrical and plumbing rough-ins are in progress.

FINANCIAL OVERVIEW

After Repair Value (ARV)
$320,000
Total Project Costs
$247,000
$73,000
GROUNDFLOOR
$209,900
$37,100
0%
Skin-in-the-Game
First Lien Loan
Cushion
Purchase Price
$180,000
Purchase Date
05/25/2021
Loan To ARV
65.6%
Loan To Total Project Cost
84.6%

Grade Factors

The following factors determine in part how the loan was graded:
(in descending order of importance)
Loan To ARV Score
4
10
Quality of Valuation Report
4
4
Skin-in-the-Game
2
10
Location
4
8
Borrower Experience
3
5
Borrower Commitment
1
1

VALUATION REPORTS

As Complete (ARV)
$320,000
Certified Independent Appraisal
Broker's Price Opinion
Borrower Provided Appraisal
Borrower Provided Comps

PROPERTY DESCRIPTION

700 REVOLUTION ST, HAVRE DE GRACE, MD 21078
The Borrower intends to use the loan proceeds to purchase and renovate the property. Upon completion, the Borrower intends to sell the property to repay the Groundfloor loan.

PROPERTY PHOTOS

MISCELLANEOUS

PROJECT SPECIFIC RISK FACTORS
  • The Borrower was advanced the money it needed to purchase this property on May 25, 2021 by Groundfloor Finance Inc. (“Groundfloor,” “we,” “us,” or “our”) or a wholly-owned subsidiary of Groundfloor. The Borrower is now in possession of the property. If this offering is fully subscribed, Groundfloor will continue to administer and service the loan as further described in the Offering Circular.
  • The renovation of the property may be extensive, and therefore subject to delays and other unexpected issues.
  • The renovation will require permitting, and permits may not be obtained on time or may be denied.
  • The Borrower has not completed or sold any projects in the past year. As such, the Borrower's average revenue, costs, and margins cannot be calculated.
  • Please consult the Offering Circular